6 Jul 2012

V8 chairman 'taking the risk' over Auckland series

10:18 am on 6 July 2012

V8 Supercar chairman Tony Cochrane says he's the one that will be taking all the risk when the race series is under way Auckland.

Auckland Council has voted in favour of hosting the Australian V8 Supercar series at the Pukekohe track for five years from 2013.

The Government will contribute $2.2 million to help upgrade the circuit at Pukekohe.

Auckland City councillors say the $10 million cost to Auckland ratepayers is far outweighed by the economic benefits of the series.

The previous five events were held in Hamilton where cost blowouts and public opposition caused controversy. Hamilton City council lost $37 million dollars hosting the race.

Mr Cochrane told Morning Report that after the initial cost of upgrading the Pukekohe venue, he will be the one promoting and funding the event.

He says he is putting himself on the line, and if no one turns up he will be out of pocket.

Economic Development Minister Steven Joyce has endorsed the Government's financial support to hold the the event in Auckland.

Mr Joyce says the supercar series meets the criteria for the Government's major events development fund.

He says establishing the event at the new location will require investment in the infrastructure of Pukekohe Raceway.